Family Cabin

My wife and I are considering trying to go in with her parents to buy a family cabin on a lake in MN. It’s a beautiful property and, for many reasons, likely a once in a lifetime opportunity. All parties have great credit, and together we’d have no problem putting down 20% and making payments. We’re on great terms with them and have the same goals etc for the property so I don’t anticipate interpersonal conflict.

What I don’t understand is exactly how you go about it. Do we just all apply for the mortgage together? Form an LLC? It sounds like getting a mortgage as an LLC is harder.

Has anyone done this? If so, how did you do it? Any other thoughts, advice, or resources to learn about this is appreciated. Thanks!

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My wife and I are considering trying to go in with her parents to buy a family cabin on a lake in MN. It’s a beautiful property and, for many reasons, likely a once in a lifetime opportunity. All parties have great credit, and together we’d have no problem putting down 20% and making payments. We’re on great terms with them and have the same goals etc for the property so I don’t anticipate interpersonal conflict. What I don’t understand is exactly how you go about it. Do we just all apply for the mortgage together? Form an LLC? It sounds like getting a mortgage as an LLC is harder. Has anyone done this? If so, how did you do it? Any other thoughts, advice, or resources to learn about this is appreciated. Thanks! submitted by /u/Alternative-Spread-3 [link] [comments]

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